[Congressional Record Volume 168, Number 136 (Tuesday, August 16, 2022)]
[Extensions of Remarks]
[Page E856]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         BUILD BACK BETTER ACT

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                               speech of

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                        Friday, August 12, 2022

  Mr. BLUMENAUER. Madam Speaker, I came to Congress with a mission to 
make the federal government a better partner to local communities to 
make them more livable, healthy, and economically secure.
  Last week, Congress made unprecedented progress on fulfilling the 
fundamental premise of this mission. The House and Senate both passed 
the Inflation Reduction Act, a historic investment in our nation's 
health, climate, and economy, including several provisions I authored 
to combat the climate crisis. President Biden is expected to sign the 
legislation into law this afternoon.
  The Inflation Reduction Act will save Americans $288 billion on 
health care over the next ten years. Critically, it will allow Medicare 
to negotiate prescription drug prices, starting with the ten most 
expensive prescriptions. These negotiations will bring down costs for 
patients and taxpayers alike. When combined with new provisions capping 
Medicare beneficiaries' out-of pocket costs at $2,000 a year, the 
legislation will make an extraordinary difference in peoples' lives.
  This package is the single largest investment in climate action in 
our nation's history. It will deliver $385 billion in energy and 
climate investments, including for electric vehicles, solar and wind 
energy, pollution reduction, and support for the vulnerable communities 
most impacted by environmental degradation. Long term extensions to the 
production and investment tax credits, including direct pay and 
transferability provisions, are critical components in ending our 
dependence on fossil fuels. I am also pleased that the investment tax 
credit was expanded to include energy storage projects, a key piece of 
the puzzle in delivering renewable energy to households at any time of 
day.
  Combatting the climate crisis also means investing in infrastructure 
that is sustainable and efficient. Clean transportation incentives like 
an expanded electric vehicle credit for new and used vehicles, an 
expanded credit to charge e-bikes and e-scooters, and incentives to 
electrify commercial fleets will help accelerate the reduction of 
carbon emissions and fossil fuels in our day-to-day activities. 
Likewise, any construction projects in the 21st century must be made to 
meet the needs and goals of our communities. That's why I advocated for 
provisions in this package that make commercial buildings more energy 
efficient and sustainable.
  While working families in our community and across the nation are 
struggling to pay for basic goods like gas, groceries, and rent, ultra-
wealthy corporations are raking in record profits. Inflation is hitting 
Americans hard while many corporations aren't paying their fair share. 
This legislation will enact a corporate minimum tax of 15 percent. 
Currently, hundreds of the largest corporations in America pay 
substantially less, or nothing, in taxes. This provision ensures that 
large corporations will pay a minimum of 15 percent in taxes. The 
legislation also makes polluters pay by including my legislation 
reinstating the Superfund tax on crude oil.
  It is no secret that the Internal Revenue Service (IRS) is 
outmatched. Decades of chronic underfunding have left the IRS 
understaffed and overburdened, allowing hundreds of billions of dollars 
in taxes owed to go uncollected. This legislation provides $3.2 billion 
for taxpayer services and $45.6 billion for enforcement, which the 
Congressional Budget Office estimates will raise more than $200 billion 
in additional revenue for the federal government. By investing in the 
IRS, we can finally close the ``tax gap'' between what people owe and 
what they end up paying.
  The Inflation Reduction Act represents more than the sum of these 
individual provisions, it is proof that our system works and that the 
United States has the capacity to solve our most pressing challenges in 
the years ahead.

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